The following analysis has been used by the
Commission as part of its price adjustment methodology and is
provided here to assist the public in understanding some of the
background factors influencing current market prices.

Crude Track:

Recent Crude (US$/bbl)

WTI

Brent

Dec 17

$ 34.95

$ 37.06

Dec 18

$ 34.73

$ 36.88

Dec 21

$ 34.74

$ 36.35

Dec 22

$ 36.14

$ 36.11

Dec 23

$ 37.50

$
37.36

Dec 24

$ 38.10

$ 37.89

Dec 28

$ 36.81

$ 36.62

Dec 29

$ 37.87

$ 37.79

Dec 30

$ 36.60

$ 36.46

Average
Brent Crude for December:
$ 38.98.

West Texas Intermediate

Average

Average

Average

2015

2014

2013

January

$ 47.56

$ 94.73

$ 94.70

February

$ 50.78

$100.57

$ 95.50

March

$ 47.87

$100.46

$ 92.73

April

$ 54.63

$102.15

$ 89.59

May

$ 59.37

$101.79

$ 94.93

June

$ 59.76

$105.14

$ 95.76

July

$ 50.93

$102.39

$104.68

August

$ 42.89

$ 96.08

$106.49

September

$ 45.48

$ 93.03

$106.24

October

$ 46.29

$ 84.52

$100.74

November

$ 42.94

$ 77.55

$ 94.00

December

$ 37.33

$ 59.82

$ 97.87

US $
Per Barrel

CDN
Cents
Per Litre

CDN Cents
Per Litre

CDN Cents
Per Litre

CRUDE

RUL

F/O

DIESEL

Dec 29/15

$ 37.87

95.9

72.6

103.9

Dec 29/14

$ 53.61

99.9

91.3

122.9

YOY Diff.

-15.74

-4.0

-18.7

-19.0

% Change

-29.4%

-4.0%

-20.5%

-15.5%

Commentary:

Both Brent and WTI
crude pricing remained relatively consistently priced in the
mid to high $30.00 range over the past two weeks. With
increased US domestic production not significantly impacted
by OPEC's uncapped production levels, the gap between Brent
and WTI pricing has narrowed over the past year. Indeed
with the US Congress recently lifting restrictions on the
export of US crude, WTI in recent days is now being priced
at a premium to Brent, a situation not seen for some years
now. Going forward, crude pricing continues to be
influenced primarily by US dollar fluctuation, related
speculative activity and continued OPEC led market
oversupply management. No appreciable increase in crude
pricing is anticipated for the near future.

Economic Data:

1. Platts Inventory
Update:

The US
Energy Department ("DOE") weekly petroleum inventory
assessment, issued December 30, 2015, reported an increase in US
crude stocks of 2,629,000 barrels.